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Mortgage Borrowers Suffer as Lenders Charging Extortionate Interest Rates

Interest-Rates / Mortgages Jun 09, 2009 - 02:33 AM GMT

By: MoneySupermarket

Interest-Rates

Despite the Base Rate continuing to hold at 0.5 per cent, providers are increasing average mortgage rates, and the margin above the Libor rate is rising, proving that the Bank of England is increasingly toothless when it comes to regulating the cost of mortgages, with lenders increasing profit margins at the expense of their customers.


  • Average mortgage rates rise independently from Libor and Base Rate

Louise Cuming, head of mortgages at moneysupermarket.com, said: "In the last few weeks we have seen the margin between average mortgage rates and the Libor rate gradually creep up, despite the static Bank of England Base Rate. Lenders are benefitting from the fact that demand for mortgages outstrips the supply of mortgage deals and, as with any market, when supply is limited it causes prices to rise. Despite the Government's best intentions to ease the mortgage market, borrowers are still suffering as providers use every sneaky trick in the book to claw back profit."

By moneysavingsupermarket.com

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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